Panther Securities Share Discussion Threads

[ntv] 07/3/2018 19:22

i notice the Maldon site is now up for rent at £1m per annum
I know they said no residential but maybe in the future

[ntv] 07/3/2018 19:18

topvest
no property company appears to be doing that at the moment
completion of sale of Birmingham site might well give it another boost
news on Wickford and Swindon sites in the next few months maybe

[topvest] 07/3/2018 18:27

Good news. Shows that Perloff valuations were on the prudent side. Hardly surprising I suppose given he’s a deep value property man. I suppose we will have to wait and see what happens to Beales. Think Panther will continue to do OK though whilst not setting the world on fire!

[ntv] 07/3/2018 14:54

presuming nett assets well over £5

[ntv] 07/3/2018 14:01

don't think so bob!

[russman] 07/3/2018 12:01

Is it a typo.Profit after tax 20m?

[ntv] 07/3/2018 08:04

guess that depends on the sale

[ntv] 07/3/2018 08:03

nice update but no news on the dividend

[russman] 22/2/2018 11:01

LAS has sold its share of Brixton Village at a considerable premium to nbv.I will have to check PNS had part of that block at some stage.

[simon templar qc] 03/2/2018 20:39

This is what Perloff said in his latest ramblings...

"“THE EVIL THAT MEN DO LIVES ON AFTER THEM”

"We have begun to notice that a few of our tenants, including MultiYork, have begun to experience difficulties and although new lettings continue to take place, the recent failure of Palmer & Harvey, a large and old established business, indicates the direction of travel."

Check out Stokers furnishings a private company who make at least 10% profits with their furniture company!

The difference is Stokers own all their freeholds!

Its the extortionate rents from greedy landlords which are shutting down stores!!

So when Panther brag about the high yield they are getting buying shopping centres have a good think about the sustainability of what they are doing!

Have a browse at the rents and rates and service charges with the link I gave for Wayfarers and you will see the red flags staring at you in the face.

[simon templar qc] 03/2/2018 20:28

Panther lost its second largest rental after Beales with the company purchase of Wayfarers...




The 2 floors are now empty after Multiyork exited after Christmas. Strangely enough it not even being marketed at the moment, Panther wont know what to do with 2 large floor spaces. Another retail unit is set to close down and the others are probably struggling. The rent and rates and service charges too high for any start up business. Beales is struggling, Panther bought a white elephant with Wayfarers, because of its listed status it cannot be converted to flats, he tried that with a Beales store in Bournemouth and it was refused.

Chickens coming home to hatch for Perloff he though he had been clever buying Beales on the cheap after the company got rid of Peters now he is stuck with a department store with huge debts. if Beales shuts his purchase of Wayfarers will have lost its prime tenant!

[ntv] 06/1/2018 10:16

do enjoy reading his ramblings but don't always agree with him though! must get to an agm sometime. maybe this year but it is not good for my vertigo in a busy place

[ntv] 06/1/2018 10:12

a lot these old department stores have have top floors that are redundant now. trouble is some are listed but a lot can be converted to residential flats to maybe sold and/or rented out.or offices even in prime locations. department stores failed to adapt for to changing high streets. left their food hall and coffee shops up stairs instead of bringing them downstairs. should have looked at costa cofee concept and how quickly it expanded.coffee shops would have bought a lot of customers in to the ground floor. the punters are then in your shop. Debenhams is a classic as it still often has a perfume shop at the front.old hat and failing. just one of their many failings. Renting out larger spaces to other retailers would have turned them landlords rather than all down to just retailing. some listed properties only have small areas/sections which make it difficult get a decent area for a retailer to use. hence one or two year shops as i call them. some are trying to adapt but not sure how they are fairing. colchester co-op now has subway, m&co and boots inside it. another local. the real assett as we know is the property itself just got to make it work.

[topvest] 05/1/2018 19:20

Hi NTV - yes, still holding here. Really enjoy Perloff and his ramblings. Unfortunately, his investment performance has been disappointing over the last 5 years and that explains the discount. Too much investment in value trap scenarios like Beales. Happy to hold though.

[ntv] 05/1/2018 19:14

discount well over 30% imho

[topvest] 24/12/2017 17:44

A very poor price for this subsidiary really as it has been mostly profitable for a number of years. Oh well it takes away the distraction and provides a further small inflow of funds. I'm sure Perloff is doing the right thing!

[ntv] 24/12/2017 10:36

Further tidying of the acounts. Small loss on sale but guessing assets well over 450p per share. From a small shareholders point of view it would be nice to see if big increase in the dividend. They must be able to afford after the recent sales and purchases.

[ntv] 30/11/2017 15:52

Another nice update, shame Birmingham site sale has not completed yet but at least completion is due within a few months and another £400k came in from the site
looks like another good purchase of a shopping centre with a car park

[ntv] 30/10/2017 22:58

it will be interesting to see if there is some kind of reversal of the previous writedown from last year

Trading update

Panther Securities PLC provides the following trading update in respect of its interim results for the six months ended 30 June 2016 (the "Interim Results").

The Board anticipates that the Interim Results will show a mark to market non-cash write down on its interest rate swaps, due to an increase in their liability, following the recent fall in long term interest rates. The net write down after taking account of the deferred tax benefit will be approximately GBP6.6 million against the Company's reported profitability and there will also be an equivalent reduction of net assets in the balance sheet.

[simon templar qc] 29/10/2017 14:32

topvest,


Now that is why they are opening a store in Perth, Panther owns the property. Well done for spotting that now it makes sense.

As for Beales I read the statement, I wouldn't have expected Beadles to have been downbeat, they have the staff moral to think about.

The bigger players are suffering Beales is in a worse position with both a deficit and also loss making. It will be a miracle if it survives.

NTV,

You are not far off the mark, there is litigation going on, with regards to another public company and Perloff held shares in the company.

I have evidence he has supported a company directors were there has been considerable wrongdoing that is all I am prepared to say at the moment.

edit:



Beales near 11 million deficit on its balance sheet with frightening borrowings.

[ntv] 29/10/2017 12:53

topvest
it appears Simon Templar QC is allegedly involved in some type of litigation with Mr Perloff according to some posts on other threads. Never actually posted any details probably to scared to.
I always find lawyers/solicitors a very interesting breed of person.Thankfully i have had very little need to use their services. Immune from the law but not from the digital tape recorder !!! :-))) one of the worlds best inventions but rarely given that praise :-))

[topvest] 28/10/2017 19:48

The angle in Perth....

Former McEwen’s of Perth
In early September 2017 we completed the purchase of the freehold former
department store, McEwen’s of Perth. This attractive listed property is located
in the centre of Perth. Purchased mainly vacant, it contains one national tenant
on the corner of the building who pays an inclusive rent of circa £50,000 p.a.
We have pre-let the balance of 35,000 sq. ft. to JE Beale PLC who have been
promised financial assistance by the local council to establish their first store in
Scotland.
We own other properties in High Street, Perth and have previously worked with
the council who provided substantial grants to bring long-vacant upper parts
back into use as flats, which are now let and rent producing. We expect to
receive grants to redecorate the listed façade of this older building. In due
course, this property is expected to produce double figure returns for our Group
on our initial cost of approximately £700,000 but we will have to spend money
on the property for outside refurbishments towards which the council has
indicated they will contribute.

[topvest] 28/10/2017 19:40

Yes, taken a quick look. Sounds like things have stabilised though and current trading is encouraging. They are opening a store in Perth which is odd. There's normally some sort of angle with Mr Perloff and maybe they have a vacant site in Perth. I agree that Beale looks like a bad deal, but you never know. Time will tell. Generally, department stores are yesterday's way of shopping. Debenhams and House of Fraser are going to struggle let alone Beale.

[simon templar qc] 28/10/2017 17:31

Perloff not doing well with his private purchase of Beales.

Losses went up to near £600k and deficit on balance sheet up from (9.5655) to over (10.746)

Amounts are free to view from GOV:

Type in J.E. Beale Public Ltd company.